"The DOL, SEC and the Treasury Department will need to work through important issues as they develop new policies directed by the EO.... [M]arket participants working to expand retirement savers' and retail investors' access to alternative investment options will need to continue resolving operational risks involved with developing new products, while also preparing for potentially increased scrutiny[.]"  MORE >>

"[Rev. Rul. 2025-15] does not address how plan sponsors should handle situations such as if: [1] The first check is mailed to an address the plan sponsor may have reason to believe is not current; [2] The reissued check is issued to a different person than the first check (e.g., a surviving spouse); [3] The plan sponsor does not have sufficient records regarding the initial payment; or [4] The reissued check is distributed by an entity other than the issuer of the first check (e.g., the [PBGC's] Missing Participants Program)."  MORE >>

"[P]lan sponsors and 401(k) plan fiduciaries should understand two things: first, plan fiduciaries' duties under ERISA have not changed (at least for now). Second, plan fiduciaries are not required to offer alternative assets as an investment option to plan 401(k) participants. Employers considering offering alternative investments in their plans will want to ensure they understand their fiduciary responsibilities, seek appropriate investment advice, appropriately document their investment selection decisions, revisit their plan investment policy statements, and consult with legal counsel."  MORE >>

"Fiduciaries who have to make decisions about whether to allow ... private equity investments into 401(k) plans would be wise to ... make [those] decisions ... in ways that will allow them to defend against future class action lawsuits by demonstrating a prudent course of decision making ... even where the financial outcome to participants from having added the asset class in a particular plan is poor." [Anderson v. Intel Corp. Inv. Policy Comm., No. 22-16268 (9th Cir. May 22, 2025)]  MORE >>

"The DOL didn't sue. It wasn't a party. But in the first appellate-level case tackling forfeiture allocation under ERISA, the DOL felt compelled to jump in, not on the side of the plaintiffs, which is usually the case, but on the side of [the plan sponsor].... [T]his brief is a shot across the bow to plaintiffs everywhere, and it signals that the DOL and the IRS are now singing from the same hymnal." [Hutchins v. HP Inc., No. 23-5875 (N.D. Calif. Feb. 5, 2025; on appeal to 9th Cir. No. 25-826; DOL amicus brief filed Jul. 9, 2025)]  MORE >>

"[In] the proposed regulation issued on January 13, 2025, collectively bargained plans were given additional implementation time. We respectfully request that governmental plans receive the same extension. We submit that governmental plans often face complexities in local law enabling requirements, payroll systems, and administration that most private sector employers do not. Indeed, these challenges can be seen as not dissimilar to those faced by collectively bargained plans."  MORE >>

"How to be generous -- safely ... [1] Coordinate with legal and tax advisors before offering anything outside your standard policies. [2] Document the intent and structure of any payments. [3] Communicate clearly.... [D]evelop a formal process/checklist based on your employee population to help HR and payroll teams stay compliant, compassionate, and clear-headed."  MORE >>

"Pursuant to Code Section 83(b)(2), the election must be made not later than 30 days after the date of the Restricted Property transfer (i.e., the date of receipt by the service provider from the company). Late elections are not permitted.... While the online election mechanism will ease administrative difficulties for service providers, timely and proper filing remain critical components."  MORE >>